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YOU BETTER READ THE OTHER NEWS RELEASE WE HAVE SEVERAL WELLS IN TEXAS AND PRODUCTION HAS STEADILY CAME UP IN RECENT MONTHS WITH SEVERAL MORE WELLS TO BE DRILLED IN TEXAS AND BELIZE, IN FACT SURFACE CASTING ALREADY SET ON ANOTHER WELL IN BELIZE
You tell me do we have OIL here is the latest update from the company:
Treaty Energy Provides Confirmation of its Belize Oil Find
Date : 02/01/2012 @ 6:30AM
Source : PR Newswire
Stock : Treaty Energy Corp (QB) (TECO)
Quote : 0.0584 -0.0391 (-40.10%) @ 1:23PM
Treaty Energy Provides Confirmation of its Belize Oil Find
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Treaty Energy Corp (QB) (USOTC:TECO)
Intraday Stock Chart
Today : Wednesday 1 February 2012
Click Here for more Treaty Energy Corp (QB) Charts.
Treaty Energy Corporation (OTCQB: TECO) (www.treatyenergy.com), a growth-oriented international energy company, in follow up to its announced discovery of oil on the Stann Creek Field in Southern Belize, hereby details its review of the first successful oil well strike by the Company.
Stephen L. York, President and COO of Treaty Energy Corporation, stated, "Further review of the drilling samples from Princess/Treaty Well #2 on the Stann Creek Field confirms that the pay is a residual lime. Lime must be treated to enhance oil recovery. Standard treatment for lime includes treatment of the formation with additives to enhance inter-capillary wicking, which in return promotes oil flow to the well bore. Our independent logger made a visual analysis with microscope and blacklight and confirmed the presence of hydrocarbons. The logging equipment registered a steady increase, with a spike of associated gases through the lime pay-zone. The porosity was estimated to be from 8-12%. This is about average for a successful lime play well."
Mr. York added, "There have been numerous questions fielded in the last 72 hours. Here is a synopsis to curtail the speculation.
This is not a BNE well. BNE wells from all indications have much higher gas drive reservoirs (with some H2S gas) and free flowed initially.
The Princess/Treaty reservoir area was determined in size by Satellite image and Chem-Tool. Pay-zone depth was determined from actual drilling and mud logging. Porosity and saturation were gauged visually and outside consultants using statistical modeling, with low-side parameters predicted a reservoir size of 6M barrels. This figure could grow depending on the trending of the reservoir.
The first batches of samples were left in 90 degree sun and the gases, being lighter than the atmosphere, dissipated at an accelerated rate. At 1300' circulation become erratic, so sampling was not optimum, but the mud-logging data supported the initial mud samples.
There were no asphaltenes (tar) present. (Asphaltene is solid residual and will not produce a sheen on mud or water)
Successful lime play wells have been produce from porosity as low as 6%.
Deeper pay-zones may exist and will be investigated.
Once again, supplemental equipment such as wireline truck, perf-gun, etc., has been located and contracts to purchase have been issued. All ancillary equipment such as tubing, sucker-rods, down-hole pump, pumpjack, etc. will be shipped on Treaty Energy's truck as soon as it returns from Belize.
Citing the pre-planned Company analysis and memos, the enhanced value, as predicted, will not be in the initial 12 developmental vertical wells, but the projected horizontal wells with 2,000'-4,000' vertical legs in the heart of the reservoir."
About Treaty Energy Corporation
Treaty, an international energy company, is engaged in the acquisition, development and production of oil and natural gas. Treaty acquires and develops oil and gas leases which have "proven but undeveloped reserves" at the time of acquisition. These properties are not strategic to large exploration-oriented oil and gas companies. This strategy allows Treaty to develop and produce oil and natural gas with tremendously decreased risk, cost and time involved in traditional exploration.
Forward-Looking Statements:
Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, raising working capital and securing other financing; responding to competition and rapidly changing technology; and other risks. These risks are detailed in the Company's filings with the Securities and Exchange Commission, including Forms 10-KSB, 10-QSB and 8-K. Actual results may differ materially from such forward-looking statements.
Contact:Osprey PartnersTel: 732-292-0982Fax: 732-528-9065osprey57@optonline.net
SOURCE Treaty Energy Corporation
looks like .06 is the new trading trough
Me too Go I can not believe that they could drop it so hard and fast
Chart indicating stock is oversold and the A/D line today turning going straight back up just saying thanks
Jim
Can you provide a link to back up those statements please
Volume has slowed down this afternoon
A/D line is headed up on today's trading
My Scottrade account still has CNUV
their attempting to drop it back down quickly to pick up trailing loss stops
Today you can tell who is short on this stock, by their reaction to current events, should answer a lot questions.
Jim
The only person I see complaining is you:
You are the one who stated "So if you wanna complain about something, complain about Gwyn who is responsible for Market Makers..."
Again I will let you watch this play out, hope you enjoy the show
Really because TECO just put their production numbers and are schedule to reach their goal of 1000 bpd by June 2012 but I will let you watch this play out from here
That interesting statement since the A/D line is going up instead of down if people were selling
Shanon
Where is the comparison USOG has an AS of 2.3 billion Teco has 750m. Teco has working leasing with a line of credit with a drilling programs. USOG never did any this so again where is comparison please point them out
Jim
What is up with the volume last few days, people taking tax write off? TIA
TECO has secured $700,000 for drilling purposes.
Is this good for shareholders? TIA
What does this mean? TIA
Blind I agree I will be buying more on dips at these bargain prices.
Jim
I disagree there may be several strings of castings and each string has to be waited on. There may be shallow surface then a second string casting set to protect water table there then a the rest of the well finished. This a different country have to work within their laws.
Not an expert on stock but I am an old roughneck I do know the oilfield in Texas but not another country there may different laws and EPA rules to follow.
I disagree about when you say when you start drilling you do not stop until it is finish. You have to stop drilling to set on cement at least 48 hours, nippling up the bop several other reasons so you that dog won't hunt with me my friend
Agreed that the truth will come out and the pps will go up in the end.
like I stated before I worked many years in the oilfield and there are several reason why things are shut down for so I will wait for update from company. Also if this drops tomorrow I have a lot of dry powder and will buying more.
I am just saying if there was a huge sell off like people are saying seems we would have seen a lot more volume and closed lower than .002 from the close yesterday.
really follow the volume, really huge sell off today but the volume was less than 3 million today in my opinon not much of a sell off. I worked in the oil field many years and we had down days where we went home. We had to set on cement we several things had to stop for in the day. I will wait on the company for an update.
Jim
sounds like getting work done and moving forward
Bull here why the company increased the OS share contain the 10Q
NOTE 8 – SHAREHOLDERS’ EQUITY
We are authorized to issue 750 million shares of our common stock. At December 31, 2010, we had 496,605,424 shares issued
and outstanding. During the nine months ended September 30, 2011, we issued the following shares:
· On February 14, 2011, we issued 10,296,609 shares for cash and received $60,750.
· On March 1, 2011, we issued 1 million shares to a consultant. We valued the shares at the closing price on the date of
grant and recorded a charge to general and administrative expense of $8,200.
· Also on March 1, 2011, we issued 2,250,000 shares to our previous operator in Tennessee to settle contractual
amounts owed by us to him. We valued the shares at the closing price on the grant date and reduced his liability from
$20,000 to $1,550.
· On March 3, 2011, we issued 23,500,000 shares to our seismic consultant in Belize, Patrick Wayne Maloy. 15
million of these shares were for services rendered in 2010. We reduced our stock payable to the consultant from
$204,000 to zero. 8.5 million of these shares were in payment of an aircraft for use on our Belize project. These
shares were valued at the closing price on the date of grant and we recorded our cost basis in the aircraft at $72,250.
During the quarter ended September 30, 2011, this aircraft was transferred to a related party to relieve debt to that
party of $69,011. The carrying value of the asset was equal to the debt relieved as of the transfer date.
· Also on March 3, 2011, we issued 13,597,874 shares to a consultant for work performed during 2009 and 2010. We
valued the shares at the closing price on the grant date, reduced the liability from $94,345 to $23,500 and recorded a
loss on retirement of debt in the amount of $69,737.
· On March 16, 2011, we issued 4 million shares to a previous director. We valued the shares at the closing price on the
grant date and charged general and administrative expenses with $34,000.
· On March 29, 2010, we issued 14 million shares to our previous CEO and Chairman, Randall Newton, for work
performed during 2009 and 2010, and repayment of cash contributions made by him. We valued the shares at the
closing price on the grant date, reduced our liability to him from $269,024 to zero, and recorded a gain on retirement
of debt of $87,024. This party was not considered to be related to the Company based on his resignation being during
2009 and he not holding a material share interest.
· On March 31, 2011, we issued 7,900,000 shares to our current CEO and Chairman, Andrew Reid in payment for
services. We valued the shares at the closing price on the grant date, and reduced our liability to him from $109,000
to $6,300.
· On April 6, 2011 we issued 1.5 million shares to a consultant for commissions on our Belize acquisition, valuing
them at the closing price on the grant date and charging lease operating expense with $22,200.
· On April 8, 2011, we issued 6 million shares to the seller of one of our Texas acquisitions (see Note 5). We valued the
shares at the closing price on the grant date and included the value of $83,400 the stock in our carrying value of the
Texas leases.
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· On May 10, 2011, we issued 3.2 million shares for conversion of tranches 1 and 2 associated with our Texas leases
(see Note 5). We retired $120,000 mezzanine liability included in Commitments and Contingencies. The conversion
was according to the terms of the agreement. Therefore, no gain or loss was recognized.
· On April 27, 2011, we issued 5,675,989 shares to an affiliate for services. We valued the shares at the closing price on
the grant date and charged general and administrative expenses with $306,503.
· On May 12, 2011, we issued 1 million shares to our President and Chief Operating Officer as a signing bonus. We
valued the shares on the grant date and charged general and administrative expense with $40,000.
· On June 22, 2011 we issued 2,333,333 shares to acquire certain equipment. We valued the shares at the closing price
on the date of grant, or $91,000, and recorded the equipment as an asset equal to the cash price of $77,000. The
difference of $14,000 is included in general and administrative expenses.
· Also on June 22, 2011 we issued 7,050,000 shares to various consultants for services. We valued the shares at the
closing price on the grant date and charged general and administrative expense with $255,340.
· On June 22, 2011, we issued 2,367,886 to certain creditors of a company controlled by our Chairman and Chief
Executive Officer, Andrew Reid. We valued the shares at the closing price on the grant date, crediting equity with
$95,483, reducing our liability to the affiliate company by $67,083 and recording a loss on extinguishment of debt in
the amount of $28,400.
· Also on June 22, 2011 we issued 11 million shares to the same company controlled by our Chairman and Chief
Executive Officer, Andrew Reid in conversion of the outstanding balance of $664,190. We valued the shares at the
closing price on the grant date, crediting equity with $418,000, reducing our liability by $664,190 with an offsetting
gain on extinguishment of debt. Because the gain here and loss above were from a related party, we included the net
gain in Additional Paid in Capital rather than recognizing a gain.
· Also on June 22, 2011, we issued 2.5 million shares to two creditors who loaned us money to acquire the leases in
Tennessee to convert their debt balances to equity. We valued the shares at the closing price on the grant date,
crediting equity with $97,500, reducing our liability by $55,000 with an offsetting loss on extinguishment of debt of
$42,500.
· Also on June 30, 2011, we issued 8.25 million shares to convert certain notes payable for debts we owed in
connection with our Tennessee and Belize acquisitions. We valued the shares at the closing price on the grant date,
crediting equity with $330,000, reducing interest and principal due to these creditors by $125,761 with an offsetting
loss on extinguishment of debt of $204,239.
· Also on June 22, 2011, we issued 450,000 shares in connection with our acquisition of certain heavy equipment. We
valued the shares at the closing price on the date of grant, or $18,450, and recorded the equipment as an asset equal to
the cash price of $18,000. The difference of $450 is included in Asset Impairments.
· Also on June 22, 2011, we issued 5,670,000 shares to several accredited investors for $137,000 in cash.
20
· Also on June 22, 2011, we issued an affiliate 77,258,753 shares as reimbursement for personal shares the affiliate used
in various deals in Belize, Tennessee, Louisiana and Texas. We valued the shares at the closing price on the grant
date and credited Additional Paid in Capital with $3,285,170, charging Additional Paid in Capital with $483,577,
liabilities with $119,500, loss on conversion of debt of $980,000 and operating expense with $1,702,093.
· On July 1, 2011, we contracted to provide a broker with 20,000,000 shares at a discounted price over a period of nine
months. On the same date, we issued 11,000,000 million of those shares from Treasury stock that we acquired from a
related party. Total amount due on this contract is $400,000, of which we have been paid $225,000 as of September
30, 2011.
· Also on July 01, 2011 we issued 504,500 shares to a consultant for services. We valued the shares at the closing price
on the grant date and charged general and administrative expense with $19,928.
· On July 13, 2011, we issued 1,530,000 shares to various consultants for services. We valued the shares at the closing
price on the grant date and charged general and administrative expense with $71,190.
· Also on July 13, 2011, we issued 2,000,000 shares to a consultant for services. We valued the shares at the closing
price on the grant date and charged general and administrative expense with $79,400.
· On June 25, 2011, the Company issued 2,625,000 shares to convert related party liabilities owed of $105,000. The
value of the shares owed was equal to $110,000 which was recorded to stock payable at June 30,2011. The difference
between the share value and the value of the liabilities relieved was recorded as a loss for $5,000 due to these parties
being employed by the company and the excess being considered as additional compensation to the recipients
· Also on July 13, 2011, we issued 2,090,119 shares to various investors who paid a total of $48,000.
· On July 18, 2011, we issued 2,000,000 shares to extinguish a debt from advances by an investor. We valued the
shares as of the date the stock was granted at $95,000. This same investor acquired a 2.0% ORRI valued at $37,127 in
the Texas fields. These two transactions eliminated the balance of $130,000 due from a short term obligation. A loss
of $2,127 was recognized for the difference.
· On July 19,2011, the Company issued 8,625,000 shares to convert the acquisition liability owed to C&C Petroleum
of $285,000. The value of the shares owed was equal to $345,000 which was recorded to stock payable at June 30,
2011. The difference between the share value and the value of the liabilities relieved was recorded as a loss for
$60,000 during the second quarter.
· Also on July 19, 2011, the Company issued 500,000 shares to a consultant for services. We valued the shares at the
closing price on the grant date and charged general and administrative expense with $20,000.
· Also on July 19, 2011, we issued 76,548 shares to an investor who paid $2,000.
· On July 26, 2011, we issued 1,135,526 shares to a consultant for services. We valued the shares at the closing price on
the grant date and charged general and administrative expense with $44,853.
21
· Also on July 26, 2011, we issued 2,000,000 shares to our current CEO and Chairman, Andrew Reid in payment of a
signing bonus for his contract dated May 1, 2011. We valued the shares at the closing price on the grant date, and
charged general and administrative expense for $137,000.
· On July 29, 2011, we issued 6,083,181 shares to various consultants for services. We valued the shares at the closing
price on the grant date and charged general and administrative expense for $276,922.
· On August 8, 2011, we issued 2,000,000 shares to a consultant for services. We valued the shares at the closing price
on the grant date and charged general and administrative expense with $108,000.
· On August 12, 2011, we issued 1,400,000 shares to an individual for both cash payments and reduction of an
advance. She paid $8,000 in cash (400,000 shares), and loaned the company $50,000. In return for the remaining
1,000,000 shares she reduced the debt by $37,500. A loss of $28,800 was recorded for the difference in fair value of
shares issued and the debt relieved.
· Also on August 12, 2011, we issued 23,912 shares to a vendor who had provided services to a related party. The
related party’s obligation was $2,917 and reduced our liability to the related party in the same amount. A gain of
$1,269 was recorded for the difference in fair value of shares issued and the debt relieved
· Also on August 12, 2011, we issued 3,068,165 shares to investors who had paid a cash total of $98,000.
· On August 16, 2011, we issued 1,750,000 shares to a consultant for services. We valued the shares at the closing
price on the grant date and charged general and administrative expense with $87,500.
Blind I think management team at TECO is do a great job, putting together funding for drilling program with lenders not lending much right now. I really believe shareholders will get a great return on their investment short and long term
Jim
Oil over $100 a barrel
Sorry, you are right, rig headed to drill site today
Drilling will resume today!
That is not what is posted on facebook where did you get your information.TIA
Jim
I read this wrong earlier the ship left weekend of October 29-30 we only have 2 or 3 days left before new rig is on location:
Drilling Superintendent Bill Harden has done a superb job supervising our drilling crew during the initial process of the first two wells. In addition, Mr.Harden’s request for additional equipment from the U.S. has been loaded in Texas and shipped to the port in Mobile, Alabama. The ship bound for Belize is scheduled to depart this weekend and is expected to arrive in Big Creek,Belize on or around the of 6th of November.
Jim
Rina is a non factor now, upper wind sheer tearing it apart. I believe by the time the equipment leaves port this weekend Rina will almost gone and the ship not even to be in port until November 6th.
Jim
oil up $4.00 almost $94.00
Jim
Cool thank you for keeping the board informed my friend
Jim
DTL
How is Level II stacking up today? TIA
Jim
Old roughneck friend said this is a great sign
I want to again remind the shareholders that our drilling sites are located near an ‘oil seep’ on our concession, which is approximately 300 feet from Well Site 1 and 300 feet from Well Site 2. We are extremely confident in the location we have selected and believe we will be recovering significant amounts of oil for Treaty Belize Energy.After speaking to our Project Manager, Keon Garbutt, this morning, our drilling area is currently covered with these oil seeps. This first area is approximately 400 acres, which will allow us to drill wells based on eight acre spacing. Therefore, we will be drilling dozens of wells in this location before moving on to the second and third sites.
Jim